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Coinbase CEO Eyes Further Acquisitions Following Deribit Deal Coinbase, a leading cryptocurrency exchange platform, is on the lookout for more acquisition opportunities following its recent purchase of Deribit, a crypto derivatives trading platform. This move marks a strategic expansion for Coinbase, as it strengthens its position in the crypto market. The CEO of Coinbase expressed [...]
Bitcoin’s deflationary nature is a result of its strategic design. When purchasing Bitcoin, investors are contributing to its scarcity, thus driving up its value. This unique feature sets Bitcoin apart from traditional currencies that can be easily inflated by governments printing more money. The limited supply of Bitcoin, capped at 21 million coins, ensures that [...]
A new report by McKinsey & Company suggests generative artificial intelligence (AI) technologies could boost global economic output by trillions of dollars annually. The study, titled “The Economic Potential of Generative AI” and published June 14, 2023, analyzes the impact AI tools like Chatgpt could have across sectors. McKinsey & Company Study: ‘Generative AI Is [...]
The post Study: Generative AI Could Add Trillions to Global Economy appeared first on Crypto Breaking News.
Source: CoinDesk
The post DCG’s Barry Silbert Pitched Genesis-Gemini Merger in a Drastic Bid to Save the Lender in 2022 appeared first on Crypto Breaking News.
The South Korean government has invested 24 billion Korean won ($18.1 million) in a fund dedicated to driving metaverse initiatives in the country, with a total fund of more than 40 billion Korean won ($30.2 million). The Metaverse Fund will support the mergers and acquisitions of various firms in the metaverse ecosystem and help domestic metaverse-related companies compete with global players, as the government sees the metaverse as a new economic growth engine. (Read More)
“The project will find it very difficult to raise with the current token given its value,” he said, referring to the MTA token, which at 2 cents is down 93% in a year. He continued: “The protocol isn’t earning enough from its products to self-sustain; and the [decentralized autonomous organization’s] runway is continuing to decrease [...]
The post DeFi Stablecoin Exchange mStable Expects 4 Buyout Bids: Source appeared first on Crypto Breaking News.
<p>Singapore-based troubled crypto lender, Vauld has confirmed the termination of the talks for acquisition by rival Nexo for failure in responding to due diligence requests for a <a href="https://www.financemagnates.com/terms/s/solvency/" target="_blank" id="d4466a77-4dda-4663-9fb4-a2aced6106ec_1" class="terms__secondary-term">solvency</a> assessment that would assure creditors.</p><p>"We were previously exploring a potential <a href="https://www.financemagnates.com/terms/a/acquisition/" target="_blank" id="3180494d-8751-4a02-9476-86dc1cd4d2e2_2" class="terms__main-term">acquisition</a> by Nexo as part of the proposed restructuring plan," Vauld told crypto-focused publication Coindesk in a private Twitter message. "To provide a very brief summary, our discussions with Nexo have unfortunately not come to fruition."</p><p>Further, <a href="https://www.financemagnates.com/institutional-forex/nexo-prime-enhances-service-with-onezeros-institutional-hub-integration/" target="_blank" rel="follow">Nexo's </a>decision to phase out services in the United States would have jeopardized the fate of Vauld customers with their claims if the acquisition deal had materialized. Additionally, Nexo reportedly failed to offer Vauld customers an exit option which was crucial for restructuring.</p><p>The deal ended only five months after Nexo and Vauld signed an initial agreement to explore the possibility of the acquisition. Though Vauld did not highlight the impact of the deal termination on its ongoing restructuring, it fell through less than a month from its <a href="https://www.financemagnates.com/cryptocurrency/news/crypto-lender-vauld-gets-three-months-protection-against-creditors/" target="_blank" rel="follow">deadline to come up with a restructuring plan</a>.</p><blockquote class="twitter-tweet"><p lang="en" dir="ltr"><a href="https://twitter.com/Nexo?ref_src=twsrc%5Etfw">@nexo</a> <a href="https://twitter.com/AntoniNexo?ref_src=twsrc%5Etfw">@AntoniNexo</a> nexo aquisiation proposal rejected by vauld. Reason is nexo failed to respond for a comprehensive due diligence on them ,including solvency assesment of nexo. Celcius rejected nexo’s proposal.Blockfi rejected nexo’s proposal.Now vauld rejected . <a href="https://t.co/VhLBDyzZbI">pic.twitter.com/VhLBDyzZbI</a></p>— dhruv gupta? | TechnicalAnalyst ? | Traveller ?? (@Dhruvforreal) <a href="https://twitter.com/Dhruvforreal/status/1607281774106931201?ref_src=twsrc%5Etfw">December 26, 2022</a></blockquote><p>Nexo Still Wants to Acquire Vauld</p><p>However, Nexo is not quitting its attempts at this acquisition as of yet. "Nexo has not given up on its attempt to save Vauld and help its creditors recover the maximum possible platform funds," Nexo's Co-Founder and Managing Partner, Kalin Metodiev, wrote in an email sent to the crypto publication.</p><p>The two companies reportedly did not mutually agree to end the deal, which is necessary for a formal termination.</p><p>The troubles of Vauld were exposed when the platform <a href="https://www.financemagnates.com/cryptocurrency/news/crypto-lending-platform-vauld-suspends-withdrawals-trading-and-deposits/" target="_blank" rel="follow">suspended all activities</a>, including withdrawals, trading, and deposits, in early July, citing financial challenges and looking for restructuring options. Later, the company filed for a moratorium order for protection against creditors in a Singapore court and received one for three months.</p><p>Check out the recent London Summit session on the question "Will Crypto Fizzle Out or Here to Stay?"</p><p>Founded in 2018, Vauld claimed to offer the highest interest rates on major cryptocurrency deposits. It offered borrowing against cryptocurrencies and several other trading-related services.</p><p>According to a court filing in July, Vauld owed $402 million to its creditors, and 90 percent of that debt originated from retail investors. Furthermore, the company's troubles continued as the Indian authorities froze its assets worth about $46.4 million only a month after filing for creditor protection.</p> This article was written by Arnab Shome at www.financemagnates.com.
Apparently, Voyager Digital is out of the woods. The company ran into liquidity issues when Three Arrows Capital failed to pay a huge loan to them. Welcome to another chapter of the crypto death spiral caused by the Terra/ Luna collapse. Who came to the rescue this time? Sam Bankman-Fried’s other company, Alameda Ventures. Is this man bailing out crypto or is he taking total control of the industry? In a recent press release, Voyager Digital announced that it “entered into a definitive agreement with Alameda Ventures Ltd. related to the previously disclosed credit facility, which is intended to help Voyager meet customer liquidity needs during this dynamic period.” That’s one way of putting it. The company received “US$200 million cash and USDC revolver and a 15,000 BTC revolver.” This morning, we announced a definitive agreement with Alameda Ventures for a $200 million dollar cash / USDC revolver and a 15,000 BTC revolver. Read today’s release: https://t.co/8wPfzcaI6K — Voyager (@investvoyager) June 22, 2022 As a reminder, yesterday transpired that FTX, also owned by Bankman-Fried, bailed out BlockFi with $250M. At the time, we described the situation as follows: “Over the last few weeks, the crypto market has been trending down. The contagion effect of the Terra/ Luna extinction event rocked every company out there, most of all those who offered yield on cryptocurrency deposits like BlockFi and Celsius and hedge funds like Three Arrows Capital. These companies’ problems and possible liquidation of assets, in turn, sent the crypto market into even more turmoil.” The Voyager case fits right into that description. Sam Bankman-Fried’s Loan To Voyager, The Conditions The rumors were already flying. On June 16th, analyst Dylan LeClair tweeted “Speculation here, but in its quarterly report, Voyager had loaned $320m to a singapore based entity named “counterparty b”. One has to wonder whether “counterparty b” was 3AC and if so, how much of a hit Voyager took?” The answer came quicker than anyone thought. Speculation here, but in its quarterly report, Voyager had loaned $320m to a singapore based entity named "counterparty b". One has to wonder whether "counterparty b" was 3AC and if so, how much of a hit Voyager took? $VOYG shares are down 33% over the last two days… pic.twitter.com/sCiYskwLEq — Dylan LeClair ?? (@DylanLeClair_) June 16, 2022 In the press release, Voyager explained the loan: “As previously disclosed, the proceeds of the credit facility are intended to be used to safeguard customer assets in light of current market volatility and only if such use is needed. In addition to this facility, as of June 20, 2022, Voyager has approximately US$152 million cash and owned crypto assets on hand, as well as approximately US$20 million of cash that is restricted for the purchase of USDC.” The loan comes with “certain conditions,” among them: “No more than US$75 million may be drawn down over any rolling 30-day period.” “The Company’s corporate debt must be limited to approximately 25 percent of customer assets on the platform, less US$500 million.” “Additional sources of funding must be secured within 12 months.” Voyager Digital price chart on OTC | Source: TradingView.com It’s All About Three Arrows Capital Right Now The press release confirms the rumors, the Singapore-based entity named “counterparty b” was 3AC. “Voyager concurrently announced that its operating subsidiary, Voyager Digital, LLC, may issue a notice of default to Three Arrows Capital (“3AC”) for failure to repay its loan.” In a recent article, our sister site Bitcoinist broke down the hedge fund’s situation: “The crypto fund had been directly in the crosshairs of the Luna crash with exposure of more than $200 million and speculated to be as high as $450 million. At first, the firm had appeared to bounce back from the Luna collapse but it would be soon obvious that 3AC was in a more perilous position than investors thought.” The Voyager situation makes it even more obvious. The company’s “exposure to 3AC consists of 15,250 BTC and $350 million USDC”. So, the Alameda loan covers most of it. What did they have to give in return, though? Formally, “Alameda currently indirectly holds 22,681,260 common shares of Voyager (“Common Shares”), representing approximately 11.56% of the outstanding Common and Variable Voting Shares”. If everything goes well, Voyager has nothing to worry about. However, what if it doesn’t? Voyager levered 3AC up with 650million of their customers money, leaving them with only 150million cash reserves. Who tf is in charge of risk over there, Merrill Lynch? — Tyler (@ApeDurden) June 22, 2022 In any case, for those that like gossip, here’s the story as narrated by Voyager: “The Company made an initial request for a repayment of $25 million USDC by June 24, 2022, and subsequently requested repayment of the entire balance of USDC and BTC by June 27, 2022. Neither of these amounts has been repaid, and failure by 3AC to repay either requested amount by these specified dates will constitute an event of default. Voyager intends to pursue recovery from 3AC and is in discussions with the Company’s advisors regarding the legal remedies available.” Answers And Conclusions The crypto industry as a whole is in a precarious situation. And there’s one question at the center of it, is Sam Bankman-Fried controlling the chaos or is he taking total control of the industry? Featured Image by Sebastian Herrmann on Unsplash | Charts by TradingView
Crypto lending platform Nexo announced that it has tapped Citigroup to advise it on the potential acquisition of other crypto firms hit by the recent market downturn. (Read More)
Robinhood to acquire the UK crypto firm, Ziglu Limited, pending regulatory approval. The size of the deal is undisclosed. Ziglu Limited was founded in 2014 by Mark Hipperson who contributed to the ...
WonderFi Technologies acquires Coinberry, a regulated cryptocurrency exchange in Canada (pending regulatory approval). The definitive agreement is to acquire Coinbery for $25.
The merger between Sphere 3D Corp. and Gryphon Digital Mining, Inc. has been mutually terminated. Both cryptocurrency mining companies terminated the agreement from June 2021 that was later amended...
PrimeBlock and 10X Capital Venture Acquisition Corp. II announced a definitive Business Combination Agreement. The transaction is estimated to be worth $1.
Circle, the issuer of stablecoin USDC, has doubled its valuation to $9 billion after it renegotiated and inked a fresh reverse merger deal with Concord Acquisition Corp, a blank-check acquisition c...
On January 27, Apifiny, a global digital asset trading network based in New York, announced plans to go public by merging with a special purpose acquisition company, Abri SPAC I.
The companies did not reveal the financials of the deal.
If it follows through with its proposal, Riot Platforms will join many of its colleagues in paying top prices for BTC.
The acquisition brings Metal Blockchain solutions to Bonifiis portfolio of credit unions.
Its beginning to look like a race as miners scramble to buy Bitcoin before its price keeps rallying.
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